The Criteria defines the Insurer Financial Strength Rating (IFSR) used for Life, Non-Life, Multiline, Captive and Reinsurance. The IFSR is built from four pillars that represent the main drivers of an insurer’s credit profile. The first two pillars, Financial Profile and Business Profile, result in a Baseline Rating (BR). The BR represents the balance sheet strength, business model and performance of the entity in its market. The next two pillars, Governance & Risk Management and Other Adjustments, will potentially result in notching adjustments to the BR, allowing a separation between purely performance (BR) and other qualitative factors related to governance, country risk and support.